Wall Street Journal - Markets News

U.S. stocks sank as investors who have already reaped the benefit of the market's best September in 71 years retreated ahead of key data later in the week

Moody's Investors Service downgraded Spain's credit rating by one notch, citing the country's weak growth prospects and the challenge for fiscal consolidation.

Gold futures erased earlier gains, but stayed above $1,300 a troy ounce, as participants sought to cash in on the metal's record prices. The nearby-month gold contract fell 70 cents to $1,307.80.

Not only did the highly anticipated September swoon never come to fruition, but the stock market surged by historic proportions.

Treasurys fell for a second straight session as better-than-forecast U.S. reports on manufacturing, employment and the broader economy eased demand for safe assets.

Hibernia Atlantic announced plans to build a new trans-Atlantic communications cable aimed at allowing high-frequency stock traders to be even faster.

China gave a muted response to U.S. congressional legislation targeting its currency practices, reflecting Beijing's interest in minimizing the dispute.

The offering will be divided between $29 billion in 13-week and $29 billion in 26-week bills.

The dollar reversed earlier losses to advance slightly as a survey of Chicago-area purchasing managers provided cause for rethinking the likelihood of Federal Reserve stimulus measures.

Regulators are close to releasing a report on the causes of the May 6 "flash crash."

J.P. Morgan Value Advantage Fund's manager is drawn to some retailers and financial stocks including Wells Fargo.

Brazil's currency strengthened against the dollar as the central bank published a quarterly inflation report that played down market concerns about rising prices.

Ireland said additional costs of propping up the country's banks could stretch its government budget deficit to nearly a third of the country's total economy—a record for any euro-zone member.

The average interest rate on the 30-year fixed fell to 4.32% for the week ended Thursday.

The IPOs of German utility meter company Elster Group and coal mining company Rhino Resource Partners rose modestly in early trading.

Crude futures moved higher, helped by improving economic data, as traders digested a government report that showed falling U.S. oil and fuel inventories.

Commerzbank swung to a net profit, largely on a tax credit, as the German bank showed it is steadying itself following the financial crisis and despite concerns about sovereign-debt exposure that dampened markets throughout the spring.

Barclays reported a 29% rise in net profit on lower bad-debt charges and higher profits at its investment-banking business.

Swiss Reinsurance swung to a net profit as improvements in asset management helped offset high costs for earthquakes in Chile and other disasters.

Asian shares gained Thursday with Japanese automakers driving strong gains after Toyota delivered a bullish outlook. The Nikkei rose 0.9%.